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Re: Specific Tax Lot Question

Wow. This is a remarkable positive development. Particularly for shares acquired after the rules went into effect for custodians to forever keep cost basis information. I . for everybody.........simplifies our lives and IRS gets their fair cut. In retrospect, you have to wonder why the old system w...
by kaneohe
Mon Sep 29, 2014 7:12 pm
 
Forum: Investing - Help with Personal Investments
Topic: Specific Tax Lot Question
Replies: 5
Views: 311

Re: Specific Tax Lot Question

see lines 1a and 8a of sch D http://www.irs.gov/pub/irs-pdf/f1040sd.pdf You can aggregate transactions. From form 8949 (and Sch D) Quote: Note. You may aggregate all short-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS and for which no adjustments or codes are req...
by kaneohe
Mon Sep 29, 2014 6:36 pm
 
Forum: Investing - Help with Personal Investments
Topic: Specific Tax Lot Question
Replies: 5
Views: 311

Re: Tax loss harvest

How I wish I had been reading this forum back in 2008! :oops: For my understanding the TLH strategy is best when you can apply the loss against taxable income - correct? But you can only apply $3000/yr that way. Mostly what you are doing is using the capital losses to defer paying capital gains fur...
by kaneohe
Sun Sep 28, 2014 6:06 pm
 
Forum: Investing - Help with Personal Investments
Topic: Tax loss harvest
Replies: 8
Views: 464

Re: Federal gift tax implications question

JW Nearly Retired wrote:
panther 61 wrote:
If it was truly a joint account then my (non-lawyer) thought is the brother's heirs now own half the account. He will have to see an estate attorney to sort this out.
JW


Wouldn't the surviving owner own all of it ......assuming JTWROS rather than tenants in common........?
by kaneohe
Sat Sep 27, 2014 12:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Federal gift tax implications question
Replies: 6
Views: 508

Re: Any Experts in Reading Medicare Summary Notices?

mur44..........thanks for that link. Filing for future reference. Did not know of their existence previously. Hopefully the end is approaching. As I learned about the Medicare reps, there also appears to be a 2nd line of reps at the medical center who know significantly more than others. I was told ...
by kaneohe
Thu Sep 25, 2014 5:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Any Experts in Reading Medicare Summary Notices?
Replies: 9
Views: 730

Re: Any Experts in Reading Medicare Summary Notices?

Several things I think I have learned......there may be several levels of reps when you call Medicare. This AM I talked to someone who was obviously reading from a script so I gently hinted that I would be happy to talk to someone who might have access to more info. I got hold of a "medicare cl...
by kaneohe
Wed Sep 24, 2014 2:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Any Experts in Reading Medicare Summary Notices?
Replies: 9
Views: 730

Re: Rewards credit card advice

There is a US bank card which allows you to select categories where you can earn 5% in each quarter. I have that as well. Between discover, freedom and this one, I typically get 5% on majority of purchases. There is Sallie Mae card which gives 5 on gas and groceries (250 limit each month) and on bo...
by kaneohe
Wed Sep 24, 2014 10:11 am
 
Forum: Personal Finance (Not Investing)
Topic: Rewards credit card advice
Replies: 66
Views: 15693

Re: Tax help - Error on form 8606

Many people don't even know to fill out the form. ............ I'm guessing that if you know you have to fill out a form, you'll find a way to do it. More likely, many don't know they were supposed to file that form. I think that's what I said. :happy Correct, sorry about that.......somehow I imagi...
by kaneohe
Tue Sep 23, 2014 11:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax help - Error on form 8606
Replies: 16
Views: 863

Re: Tax help - Error on form 8606

retiredjg wrote:Many people don't even know to fill out the form. ............


I'm guessing that if you know you have to fill out a form, you'll find a way to do it. More likely, many don't know they were supposed to file that form.
by kaneohe
Tue Sep 23, 2014 8:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax help - Error on form 8606
Replies: 16
Views: 863

Re: Is tax loss harvesting ever a bad idea?

$3000 of loss will be burned every year, even if you are in the 0% tax bracket. If you have very low income, you must "use" 3K of loss each yr but you do not necessarily lose it. You need to use the capital loss carryover worksheet to figure how much of the capital losse survives for the ...
by kaneohe
Tue Sep 23, 2014 8:21 pm
 
Forum: Investing - Theory, News & General
Topic: Is tax loss harvesting ever a bad idea?
Replies: 17
Views: 953

Re: Medicare Advantage Plan.....Stay or Go?

One thing to keep in mind: if you get hit w/ an illness requiring expensive treatment, you may not get a 1 year warning notice so that you could change to a theoretically better plan. You might get stuck with the plan you chose so if you get hit w/ e.g. 70K in charges, you might have to pay 14K. Not...
by kaneohe
Tue Sep 23, 2014 5:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: Medicare Advantage Plan.....Stay or Go?
Replies: 14
Views: 1073

Re: Any Experts in Reading Medicare Summary Notices?

Well now I'm at a higher level........of befuddlement.......................because of this thread (and a little birdie whispering in my ear) I belatedly realized that the CPT code is on the Medicare Summary Notice. In the March notice, one charge of say $5K with code NNNNNN (a number) was approved....
by kaneohe
Tue Sep 23, 2014 4:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Any Experts in Reading Medicare Summary Notices?
Replies: 9
Views: 730

Re: Any Experts in Reading Medicare Summary Notices?

drawpoker............interesting idea,thanks. I don't recall signing anything like that tho it certainly is possible......perhaps it was some modified version of that. The title sounds familiar but not the content. I have a schedule, pre-op care and post-op card handouts but not that ABN. Will have ...
by kaneohe
Tue Sep 23, 2014 3:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Any Experts in Reading Medicare Summary Notices?
Replies: 9
Views: 730

Re: Any Experts in Reading Medicare Summary Notices?

Yes, I've talked with the outpatient billing office . Note : I may have given the wrong impression. This is the outpatient services "wing"......the rest is doctor offices,not a hospital. The rep told me not to worry, that they would figure it out..........but it seems that unless I am luck...
by kaneohe
Tue Sep 23, 2014 12:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Any Experts in Reading Medicare Summary Notices?
Replies: 9
Views: 730

Any Experts in Reading Medicare Summary Notices?

These are the quarterly statements from Medicare for pt B expenses. In March the statement showed a $4K+ expense denied for a procedure performed as an outpatient. The denial code A meant: "This service cannot be paid when provided in this location/facility." In September, the same charge ...
by kaneohe
Tue Sep 23, 2014 11:46 am
 
Forum: Personal Finance (Not Investing)
Topic: Any Experts in Reading Medicare Summary Notices?
Replies: 9
Views: 730

Re: Long-Term Capital Gain Harvesting

technovelist is correct. see the bar chart by tfb (Dec 11, 2011 post) here for a pictorial way of thinking about this:
http://www.bogleheads.org/forum/viewtopic.php?f=10&t=86849&p=1247639
by kaneohe
Tue Sep 23, 2014 11:33 am
 
Forum: Investing - Theory, News & General
Topic: Long-Term Capital Gain Harvesting
Replies: 10
Views: 628

Re: Tax implication of backdoor Roth IRA conversio

Better to run thru the calculation on pt II of F8606 for the conversion (do pt I first for the contributions). You didn't say but I assume your contributions for this yr will be non-deductible also? If so, and assuming you have no other IRAs, most of your IRA will be non-deductible contributions whi...
by kaneohe
Mon Sep 22, 2014 12:45 pm
 
Forum: Investing - Help with Personal Investments
Topic: Tax implication of backdoor Roth IRA conversio
Replies: 7
Views: 437

Re: [Medicare] Part D Sticker Shock

Munir.........thanks for that tip. My regular Rx is not the lower 2 tiers and when I've had opportunity to use Tier 1/2, I've needed them now but maybe someday I'll be
able to make use of that.
by kaneohe
Sat Sep 20, 2014 8:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: [Medicare] Part D Sticker Shock
Replies: 21
Views: 2214

Re: Part D Sticker Shock

Do you have the Humana Walmart RX Plan available? At medicare.com it shows it's $12.60 mth but that is for the rest of the year. It isn't clear to me what it will be in 2015. $15.70 next yr with a small increase in deductible to $320. There is no deductible (and no co-pay) for Tier 1 & 2 medica...
by kaneohe
Sat Sep 20, 2014 7:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: [Medicare] Part D Sticker Shock
Replies: 21
Views: 2214

Re: Part D Sticker Shock

rixer wrote:Do you have the Humana Walmart RX Plan available? At medicare.com it shows it's $12.60 mth but that is for the rest of the year. It isn't clear to me what it will be in 2015.


$15.70 next yr with a small increase in deductible to $320.
by kaneohe
Fri Sep 19, 2014 9:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: [Medicare] Part D Sticker Shock
Replies: 21
Views: 2214

Re: Trying to understand taxes in retirement, correct me

the moneychimp calculator comes up with $760 tax due if you don't manually change exemptions from 0 to 2.
Taxcaster , I believe, does that automatically for jt returns.
by kaneohe
Tue Sep 16, 2014 9:12 pm
 
Forum: Investing - Theory, News & General
Topic: Trying to understand taxes in retirement, correct me
Replies: 11
Views: 1034

Re: Trusts for grown kids

Piggybacking on this useful older thread to remind folks it is here. I found the quote below in a table from a Nolo article on intestate succession. The table didn't cover the exact example I was looking for: what happens if you die intestate in CA but have surviving children and siblings? (I have a...
by kaneohe
Fri Sep 12, 2014 10:39 am
 
Forum: Personal Finance (Not Investing)
Topic: Trusts for grown kids
Replies: 29
Views: 2769

Re: Low Income Investor (Tax Concerns)

This, from the wiki on timing of buying funds, may be useful so you don't pay unnecessary taxes
http://www.bogleheads.org/wiki/Timing_of_transactions_to_reduce_taxes
by kaneohe
Wed Sep 10, 2014 7:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: Low Income Investor (Tax Concerns)
Replies: 31
Views: 1866

Re: Low Income Investor (Tax Concerns)

I'm just worried about the theoretical scenario where I start investing a lot of money and end up having to pay taxes while I'm making so little. . Careful w/ your thought process tho................you pay taxes because you made income and you only pay a fraction of your income as taxes (fraction ...
by kaneohe
Wed Sep 10, 2014 6:17 pm
 
Forum: Investing - Help with Personal Investments
Topic: Low Income Investor (Tax Concerns)
Replies: 31
Views: 1866

Re: What if the institution doesn't accepts 529s?

from IRS: http://www.irs.gov/uac/529-Plans:-Questions-and-Answers Do they participate in this program? Q. What is an eligible educational institution? A. An eligible educational institution is generally any college, university, vocational school, or other postsecondary educational institution eligib...
by kaneohe
Wed Sep 10, 2014 1:14 pm
 
Forum: Investing - Help with Personal Investments
Topic: What if the institution doesn't accepts 529s?
Replies: 11
Views: 1187

Re: Medicare Out of Pocket worry (unnecessarily?)

In my experience there is quite typically medical underwriting associated with switching from a medigap to a medicare advantage plan after date of initial enrollment (i.e., age 65). I know it's difficult to switch from medicare advantage to medigap with underwriting , but I was under the impression...
by kaneohe
Wed Sep 10, 2014 9:19 am
 
Forum: Personal Finance (Not Investing)
Topic: Medicare Out of Pocket worry (unnecessarily?)
Replies: 16
Views: 951

Re: CD penalty comparison, question

Yes, thanks, ogd and Kaneohe, I stand corrected on the tax issue related to the penalty. I agree that the penalty is a non-issue from a tax standpoint. However, the original conclusion remains that the original poster was correct in his calculations that showed it was advantageous to purchase the 5...
by kaneohe
Tue Sep 09, 2014 12:57 am
 
Forum: Investing - Help with Personal Investments
Topic: CD penalty comparison, question
Replies: 11
Views: 839

Re: Medicare Plan D

Then variable that you should consider is "WHAT IF you get really sick and your Doc prescribes a tier 3 4 or tier 5 drug what will the plan cover. You can plug in some of these expensive drugs and see what your coverage and maximum out of pocket costs would be. For example I am on Enbrel and w...
by kaneohe
Mon Sep 08, 2014 4:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: Medicare Plan D
Replies: 5
Views: 492

Re: CD penalty comparison, question

2. I disagree with the earlier poster who stated that the tax deductibility of the penalty merely offsets the higher interest rate. I'd like to see more about that opinion, though. If you keep the CD for a year, you get e.g. 2.30% in dividends and pay taxes on them. The early withdrawal penalty mea...
by kaneohe
Sun Sep 07, 2014 8:55 pm
 
Forum: Investing - Help with Personal Investments
Topic: CD penalty comparison, question
Replies: 11
Views: 839

Re: Missing Cost Basis Information for Joint Custodial Accou

So realistically I'm looking at paying 20%-30% capital gains tax on something that hasn't appreciated much at all. What is the basis for the last few words: something that hasn't appreciated much at all................and does that help you plan a path to get a good guess? Or is there really no bas...
by kaneohe
Sat Sep 06, 2014 7:53 pm
 
Forum: Investing - Help with Personal Investments
Topic: Missing Cost Basis Information for Joint Custodial Account
Replies: 18
Views: 908

Re: Missing Cost Basis Information for Joint Custodial Accou

You don't say how old you are or what tax bracket you are in..........conceivably if you are in the 15% bracket, perhaps most or all of the 26K CG max gain (if basis is assumed 0) would be taxed at 0%. If you are a youngish 20 something, then the acquisition date could be narrowed to decades that mi...
by kaneohe
Sat Sep 06, 2014 4:52 pm
 
Forum: Investing - Help with Personal Investments
Topic: Missing Cost Basis Information for Joint Custodial Account
Replies: 18
Views: 908

Re: Where can I go to get a signature guarantee or Medallion

Be sure to call your local branch to verify even if the tollfree folks tell you the branches do stuff. That tollfree advice is not as reliable as talking to the first line folks who actually are in the branch tho the branches can be iffy also. In my area Wells Fargo tells me they only do it for WF b...
by kaneohe
Fri Sep 05, 2014 8:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Where can I go to get a signature guarantee or Medallion sig
Replies: 21
Views: 1243

Re: POLL: What was the first stock you ever bought?

Douglas Aircraft in feb. of 1966 Me too........not sure of the exact date but within a yr or so. McDonnell Air and Douglas Air had proposed to merge under certain terms and Douglas Air was way undervalued based on the proposed exchange. Boldly(or ignorantly) bought a few shares of Douglas before th...
by kaneohe
Fri Sep 05, 2014 9:36 am
 
Forum: Investing - Theory, News & General
Topic: POLL: What was the first stock you ever bought?
Replies: 74
Views: 2860

Re: Missing Cost Basis Information for Joint Custodial Accou

This is just my opinion, but if you have made a reasonable effort to find the actual cost basis, and then get as much information as you can to support your best estimation, and you are not purposely being fraudulent, how can anyone else prove a different cost basis if you with the most information...
by kaneohe
Thu Sep 04, 2014 9:07 pm
 
Forum: Investing - Help with Personal Investments
Topic: Missing Cost Basis Information for Joint Custodial Account
Replies: 18
Views: 908

Re: Missing Cost Basis Information for Joint Custodial Accou

I'm having a nightmare of a time getting cost basis information for investments that were originally in a joint custodial account with my mother. Looking for advice on how to proceed. Could you clarify what a joint custodial account means.........was this a UGMA/UTMA type account or simply a joint ...
by kaneohe
Thu Sep 04, 2014 8:59 pm
 
Forum: Investing - Help with Personal Investments
Topic: Missing Cost Basis Information for Joint Custodial Account
Replies: 18
Views: 908

Re: Roth Conversion From Rollover IRA

If you pay the tax bill from IRA funds, you will be subject to the early withdrawal penalty of 10% on those funds unless you are 59.5 y.o. since those funds aren't rolled over.
by kaneohe
Thu Sep 04, 2014 7:13 am
 
Forum: Investing - Help with Personal Investments
Topic: Roth Conversion From Rollover IRA
Replies: 3
Views: 398

Re: Estimated taxes / Vanguard information . . . HELP!

Might be too late for this yr but can you do the safe harbor of 100% (or 110% at higher AGI) of last yrs taxes paid in 4 equal payments?
That way, you don't care about "exact" estimates for this yr. Works best if income expected to be about the same or higher than last
yr.
by kaneohe
Wed Sep 03, 2014 10:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: Estimated taxes / Vanguard information . . . HELP!
Replies: 20
Views: 865

Re: Health Savings Account (HSA)

Do you have a choice of medical plans for wife/kid so that you can compare plan A vs HDHP (HSA eligible) plan B? If so , compare the costs for each........premiums + out of pocket costs (copay/coninsurance/deductibles) for each plan under best and worst case scenarios. Then decide which scenario you...
by kaneohe
Wed Sep 03, 2014 8:48 am
 
Forum: Personal Finance (Not Investing)
Topic: Health Savings Account (HSA)
Replies: 2
Views: 349

Re: Capital Gains Tax

If you have $36,000 of taxable income (not AGI) due to employment and $1200 of capital gains, then $1000 of he CG gets a free ride and $200 of it is taxed at 15%. If I'm wrong, someone will correct me, I'm sure... if the separation between 15/25% brackets is 36900 as OP mentions, then isn't it 900 ...
by kaneohe
Sun Aug 31, 2014 12:26 am
 
Forum: Personal Finance (Not Investing)
Topic: Capital Gains Tax
Replies: 3
Views: 519

Re: Trying to understand the 1040 Tax Table

That money taken from your IRA will be taxed at your marginal rate. Effective tax rate, while interesting, is useless for decision making. All decisions to recognize additional income or accelerate deductions are based on the marginal rate. Both of these quotes are assuming that the income or IRA w...
by kaneohe
Fri Aug 29, 2014 10:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: Trying to understand the 1040 Tax Table
Replies: 36
Views: 2482

Re: Tax loss harvesting

Yes, there is a benefit of TLH, but it isn't as great as it seems at first. You've cashed out $250 in losses which you can put to work that was tied up in cost basis, but you've also downwardly adjusted your cost basis, so when you regain the $1000 down the road and you sell it, you'll have to pay ...
by kaneohe
Fri Aug 29, 2014 1:27 pm
 
Forum: Investing - Help with Personal Investments
Topic: Tax loss harvesting
Replies: 32
Views: 1545

Re: Calculating MAGI for Medicare Part B.

Thanks to Mike and sscritic for correcting my response. ssc sent me a PM citing the same items that Mike did which I was not aware of because I only read the same publication that OP cited. For most the differences will not be critical but for some it might be very important. I sent ssa a message po...
by kaneohe
Thu Aug 28, 2014 12:32 pm
 
Forum: Personal Finance (Not Investing)
Topic: Calculating MAGI for Medicare Part B.
Replies: 5
Views: 274

Re: Tax loss harvesting

The market recovers and after those 30 yr your investment is again worth 90K. If you sell, you have 90K of gains and if still in the 25% bracket must pay 22.5K in taxes Your net benefits are the investment gains generated by your 22.5K in tax benefits over those 30 yrs.. The LT capital gains tax ra...
by kaneohe
Thu Aug 28, 2014 11:13 am
 
Forum: Investing - Help with Personal Investments
Topic: Tax loss harvesting
Replies: 32
Views: 1545

Re: Calculating MAGI for Medicare Part B.

Specifically for Medicare, how do I estimate my MAGI if I start with the Adjusted Gross Income on my 1040 tax form? I assume that the taxable portion of my social security is already in the Form 1040 AGI. Do I also add back the 15% that was not taxed? I assume that my tax-free municipal bond intere...
by kaneohe
Thu Aug 28, 2014 11:02 am
 
Forum: Personal Finance (Not Investing)
Topic: Calculating MAGI for Medicare Part B.
Replies: 5
Views: 274

Re: Chase savings account bonus deposit

Read the offer closely. I suspect you will have to keep the $15K in the account for six months in order to keep the bonus. . Reading the offer closely (and perhaps asking Chase to confirm) is a very good idea. For me, a year or so ago, there was no requirement to keep the 15K opening amount for any...
by kaneohe
Thu Aug 28, 2014 9:12 am
 
Forum: Personal Consumer Issues
Topic: Chase savings account bonus deposit
Replies: 22
Views: 1989

Re: Tax loss harvesting

If you have an ideal BH type portfolio of index funds that don't distribute LTCGs, then you are correct that you only get to use 3K of losses each yr. If you are in the 25% bracket, that's $750 in savings each yr which is not insignificant. If you harvest only during major downturns,that shouldn't b...
by kaneohe
Thu Aug 28, 2014 1:10 am
 
Forum: Investing - Help with Personal Investments
Topic: Tax loss harvesting
Replies: 32
Views: 1545

Re: Chase savings account bonus deposit

Read the offer closely. I suspect you will have to keep the $15K in the account for six months in order to keep the bonus. Or, maybe not. If OP and/or kaneohe is correct, one might be able to cycle the money in and out, many times over, with multiple accounts, keeping the minimum balance ($300) and...
by kaneohe
Thu Aug 28, 2014 12:49 am
 
Forum: Personal Consumer Issues
Topic: Chase savings account bonus deposit
Replies: 22
Views: 1989

Re: Chase savings account bonus deposit

I got the idea to open one for me and one for my wife and it wasn't my idea to do that. Possibly the bankers get rewarded on how many new accounts they open so it may be a win-win situation.
by kaneohe
Wed Aug 27, 2014 10:13 pm
 
Forum: Personal Consumer Issues
Topic: Chase savings account bonus deposit
Replies: 22
Views: 1989
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